Economic managers led by Finance Secretary Benjamin Diokno asked Dubai-based businessmen Tuesday to consider the Philippines as investment destination and take part in its continuing growth story.
“The Philippines presents a wellspring of investment opportunities for the Middle East business community,” Diokno said in a presentation livestreamed on the Department of Finance Facebook page.
He cited the strengths that made the Philippines recover from the impact of the COVID-19 pandemic and the reforms implemented by the previous and the present administrations to attract more foreign direct investments.
Diokno mentioned the favorable jobs market, strong banking system, manageable inflation, investor-grade credit ratings and sustained economic recovery from the pandemic.
He said that within the first 100 days of the Marcos administration, the guidelines of the Build-Operate-Transfer Law and those of the Investment Coordinating Committee were revised. The NEDA joint-venture guidelines were also enhanced to align with the IRR of the BOT Law.
Diokno said the government identified 197 priority infrastructure flagship projects with a total investment of $155 billion. These priority infrastructure projects focus on unlocking greater productivity through physical connectivity, digital connectivity, health, power and energy, agriculture, flood management, water supply and irrigation.
Diokno said the Marcos administration made it a policy thrust to wield the power of public-private partnership to help boost the development of much-needed infrastructure in the priority sectors.
He said the government is establishing a stable and predictable public private partnership policy environment that aims to bring about a better quality infrastructure and services while allowing private players the reasonable rate of return of their investments.
“Out of the 197 infrastructure projects, 39 will be undertaken through PPP, and I invite you to take a look at NEDA’s infrastructure flagship projects online to explore investment opportunities in physical connectivity, health and water resources [and others],” Diokno said.
Diokno said that since the beginning of the President’s term, four PPP proposals were approved in record time. One of these is the TPLEx Expressway Extension that was evaluated and approved in just 11 weeks.
“Aside from PPPs, the Philippines is open to investments from both domestic and global firms engaged in strategically important projects and activities,” Diokno said.
National Economic and Development Authority Secretary Arsenio Balisacan said investors could count on the English-speaking, adaptable, tech-savvy and young Filipino workforce whose average age is 25 years old.
“I invite you to join the Philippines’ socioeconomic journey. Think growth, invest in the Philippines. It is a win-win proposition,” Balisacan said.
Balisacan said the Marcos administration is committed to prioritizing infrastructure development in Mindanao―one of the country’s most promising regions because of its significantly untapped potential for various growth drivers, particularly in agriculture and agro-processing.
Balisacan noted the crucial role of investors in helping the Philippine government realize the region’s potential and the implementation of infrastructure flagship projects through PPPs.
Another area that Balisacan pointed out to investors is the energy sector. He said that the Philippine Energy Plan 2020-2040 outlines how a more sustainable and resilient energy system will play a crucial role in driving the socioeconomic transformation of the Philippines.
Bangko Sentral ng Pilipinas Deputy Governor Francisco Dakila Jr., meanwhile, expressed optimism that inflation would continue to be manageable in the coming months, which augurs well for the further expansion of the domestic economy.
The economy grew by a 46-year high of 7.6 percent last year. This year, the economy grew by 5.3 percent in the first half,
The Philippine dialog in Doha, Qatar, held on September 10, 2023, and the Philippine economic briefing on Sept. 12, 2023, in Dubai and several other investor meetings were part of the economic team’s first non-deal roadshow and briefings in the Middle East.
About 51 guests attended the Dubai dialog, which included officials of the Qatar government, senior executives of Qatar-based funds and corporates,representatives of business groups, industry associations, financial community and the media.
The economic team also met with Qatar’s Ministry of Finance, Qatar Investment Authority, Qatar Cool, Qatar Insurance and Qatar National Bank, among others